Analyst Note
| Greggory Warren, CFA |We've lowered our fair value estimate for no-moat-rated AllianceBernstein to $47 per share from $52 after updating our valuation model to include slightly lower levels of assets under management in the near term given market returns so far during the first half of calendar 2022. The firm closed out the March quarter of 2022 with $735.0 billion in AUM, down 5.6% sequentially. The $43.2 billion decline in managed assets during the first quarter was driven primarily by market losses (of $54.6 billion) that were offset by continued inflows (of $11.4 billion).